Maruti hikes prices

They cheered the 150 pc exemption on in-house R038;D, but an excise duty hike for steel and the 2 pc education cess dampened spirits in the auto industry. Leading player Maruti Udyog immediately raised prices. 8216;8216;Local players Tata Motors and Mahindra 038; Mahindra would gain a lot,8221; said K.K. Swamy, deputy managing director, Toyota Motors India. 8216;8216;Many, including two-wheeler players, are into heavy R038;D, and the exemption is the icing on the cake. Toyota is still not into R038;D here, but we8217;re studying our moves.8217;8217; BVR Subbu, president, Hyundai Motor India added: 8216;8216;We set up an R038;D facility recently, and I believe other auto majors could now be encouraged to do the same. It will translate into a more competitive sector at the global level.8217;8217; ACMA said the exemption would help domestic R038;D efforts, but the rising steel duties could force prices up.